Workflow
S&T Bancorp(STBA)
icon
Search documents
S&T Bancorp(STBA) - 2024 Q4 - Earnings Call Presentation
2025-01-31 00:24
Full Year and Fourth Quarter 2024 Earnings Supplement Forward Looking Statements and Risk Factors This information contains or incorporates statements that we believe are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to our financial condition, results of operations, plans, objectives, outlook for earnings, revenues, expenses, capital and liquidity levels and ratios, asset levels, asset quality, financial ...
Compared to Estimates, S&T Bancorp (STBA) Q4 Earnings: A Look at Key Metrics
ZACKS· 2025-01-30 16:08
Core Insights - S&T Bancorp reported revenue of $94.33 million for Q4 2024, marking an 8.6% year-over-year decline and a surprise of -2.95% compared to the Zacks Consensus Estimate of $97.2 million [1] - The EPS for the quarter was $0.86, down from $0.96 a year ago, but exceeded the consensus estimate of $0.78 by 10.26% [1] Financial Performance Metrics - The Efficiency Ratio (FTE) was reported at 56.9%, slightly above the estimated 56.7% [4] - The Net Interest Margin (FTE) (non-GAAP) remained stable at 3.8%, matching the analyst estimate [4] - Average interest-earning assets totaled $8.86 billion, slightly below the estimated $8.87 billion [4] - Net loan charge-offs were reported at 0%, better than the 0.2% average estimate [4] - Net interest income (FTE) (non-GAAP) was $83.92 million, exceeding the average estimate of $83.65 million [4] - Total Noninterest income was $11.07 million, significantly lower than the estimated $13.95 million [4] Stock Performance - Over the past month, S&T Bancorp shares returned -0.5%, while the Zacks S&P 500 composite increased by 1.2% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market [3]
S&T Bancorp (STBA) Q4 Earnings Top Estimates
ZACKS· 2025-01-30 14:46
Core Insights - S&T Bancorp reported quarterly earnings of $0.86 per share, exceeding the Zacks Consensus Estimate of $0.78 per share, but down from $0.96 per share a year ago, indicating an earnings surprise of 10.26% [1] - The company posted revenues of $94.33 million for the quarter, missing the Zacks Consensus Estimate by 2.95% and down from $103.17 million year-over-year [2] - The stock has underperformed the market, losing about 0.5% since the beginning of the year compared to the S&P 500's gain of 2.7% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.77 on revenues of $95.9 million, and for the current fiscal year, it is $3.02 on revenues of $388.1 million [7] - The estimate revisions trend for S&T Bancorp is mixed, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [6] Industry Context - The Banks - Northeast industry, to which S&T Bancorp belongs, is currently in the top 6% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]
S&T Bancorp(STBA) - 2024 Q4 - Annual Results
2025-01-30 12:33
Financial Performance - Net income for Q4 2024 was $33.1 million, or $0.86 per diluted share, compared to $32.6 million, or $0.85 per diluted share in Q3 2024, and $37.0 million, or $0.96 per diluted share in Q4 2023[1][2] - Full year 2024 net income was $131.3 million, down from $144.8 million in 2023, with EPS at $3.41 compared to $3.74 in 2023[2][12] - Net income for Q4 2024 was $33,065,000, down from $37,047,000 in Q4 2023, indicating a decrease of 10.7%[26] - Diluted earnings per share for Q4 2024 was $0.86, compared to $0.96 in Q4 2023, reflecting a decline of 10.4%[26] - Net income for the twelve months ended December 31, 2024, was $131,265,000, down from $144,781,000 in 2023, a decrease of 9.3%[27] Income and Revenue - Net interest income for Q4 2024 was $83.3 million, down from $84.5 million in Q3 2024, with a net interest margin (NIM) of 3.77%[7][10] - Noninterest income decreased by $0.8 million to $11.1 million in Q4 2024 compared to Q3 2024[9] - Total interest and dividend income for Q4 2024 was $127,879,000, a slight increase from $126,706,000 in Q4 2023[26] - Net interest income after provision for credit losses for Q4 2024 was $85,720,000, compared to $84,166,000 in Q4 2023, reflecting a year-over-year increase of 1.3%[26] - For the twelve months ended December 31, 2024, total interest and dividend income was $515,872,000, an increase of 7.9% from $477,901,000 in 2023[27] Assets and Loans - Total assets were $9.7 billion at December 31, 2024, compared to $9.6 billion at September 30, 2024[10] - Total portfolio loans increased by $53.9 million, or 2.79% annualized, compared to September 30, 2024[5][10] - Total portfolio loans reached $7,742,958 thousand in Q4 2024, a slight increase from $7,653,341 thousand in Q4 2023, reflecting a growth of 1.17%[28] - Total commercial loans totaled $5,281,300 thousand in Q4 2024, a decrease of 1.52% from $5,362,993 thousand in Q4 2023[28] - Consumer loans increased to $2,461,658 thousand in Q4 2024, up from $2,290,348 thousand in Q4 2023, reflecting a growth of 7.48%[28] Deposits and Equity - Total deposits increased by $128.3 million, including customer deposit growth of $78.3 million, or 4.15% annualized[5] - Total deposits rose to $7,783,117 thousand in Q4 2024, compared to $7,521,769 thousand in Q4 2023, marking an increase of 3.48%[28] - Total shareholders' equity increased to $1,380,294 thousand in Q4 2024, up from $1,283,445 thousand in Q4 2023, indicating a growth of 7.57%[28] - Average total shareholders' equity increased to $1,330,870 thousand in 2024 from $1,227,332 thousand in 2023[37] Efficiency and Ratios - The efficiency ratio (FTE) for Q4 2024 was 56.93%, compared to 54.12% in Q4 2023, indicating a decline in operational efficiency[26] - Return on average assets (ROA) for Q4 2024 was 1.37%, and return on average equity (ROE) was 9.57%[5] - Return on average assets for Q4 2024 was 1.37%, slightly down from 1.55% in Q4 2023[26] - Return on average tangible shareholders' equity (non-GAAP) was 13.25% in Q4 2024, down from 17.00% in Q4 2023[35] - The Tier 1 leverage ratio improved to 11.98% in Q4 2024, up from 11.21% in Q4 2023[28] Nonperforming Assets and Credit Losses - Nonperforming assets remained low at $27.9 million, or 0.36% of total loans plus other real estate owned (OREO), compared to 0.41% at September 30, 2024[5][8] - Total nonaccrual loans increased to $27,937 thousand in Q4 2024, representing 0.36% of total loans, compared to $31,889 thousand (0.41%) in Q3 2024 and $22,947 thousand (0.30%) in Q4 2023[33] - Net loan charge-offs for the twelve months ended December 31, 2024, were $8,280 thousand, a decrease from $13,182 thousand in 2023[34] - The allowance for credit losses decreased to $101,494 thousand in Q4 2024 from $107,966 thousand in Q4 2023, a reduction of 6.03%[28] Dividends - The Board of Directors approved a cash dividend of $0.34 per share, an increase of $0.01, or 3.03%, compared to the prior year[17] - The company declared dividends of $0.34 per share in Q4 2024, up from $0.33 in Q4 2023, reflecting a 3.0% increase[26]
S&T Bancorp, Inc. Declares Dividend
Prnewswire· 2025-01-29 23:42
Core Points - S&T Bancorp, Inc. has approved a cash dividend of $0.34 per share, marking an increase of $0.01 or 3.03% from the previous year's dividend of $0.33 [1] - The annualized yield based on the closing price of $38.16 on January 28, 2025, is 3.56% [1] - The dividend will be payable on February 27, 2025, to shareholders of record on February 13, 2025 [1] Company Overview - S&T Bancorp, Inc. is a bank holding company with total assets of $9.6 billion, headquartered in Indiana, Pennsylvania [2] - The company trades on the NASDAQ Global Select Market under the symbol STBA and its principal subsidiary, S&T Bank, was established in 1902 [2] - S&T Bank operates in Pennsylvania and Ohio [2]
S&T Bancorp(STBA) - 2024 Q3 - Quarterly Report
2024-10-31 21:09
Financial Performance - For the three months ended September 30, 2024, total interest and dividend income was $131.474 million, compared to $122.959 million for the same period in 2023, representing a year-over-year increase of 10.3%[106] - Net interest income for the three months ended September 30, 2024, was $84.477 million, down from $87.387 million in the same period of 2023, reflecting a decrease of 2.1%[106] - Net income for the three months ended September 30, 2024, was $32.6 million, a decrease of 2.6% from $33.5 million in the same period in 2023[111] - Earnings per share (diluted) for the three months ended September 30, 2024, was $0.85, down from $0.87 in the same period in 2023[111] - Noninterest income decreased by $0.3 million, or 2.47%, for the three months ended September 30, 2024, compared to the same period in 2023[112] - Noninterest expense increased by $2.6 million, or 4.86%, for the three months ended September 30, 2024, compared to the same period in 2023[112] Asset and Liability Management - As of September 30, 2024, S&T Bancorp, Inc. has total assets of $9.6 billion[110] - Total assets increased to $9,573,413,000, while total liabilities and shareholders' equity also rose to $9,573,413,000[118] - Total loans increased to $7.67 billion for the three months ended September 30, 2024, compared to $7.41 billion in the same period in 2023[115] - Total deposits increased by $133.1 million to $7.65 billion at September 30, 2024, compared to December 31, 2023, representing a growth of 1.8%[142] - Customer deposits grew by $333.4 million, or 4.7%, compared to December 31, 2023, driven by a focus on expanding the deposit franchise[143] - Total borrowings decreased by $165.2 million to $338.4 million at September 30, 2024, primarily due to strong growth in customer deposits[144] Credit Quality - The provision for credit losses decreased to a negative $0.5 million for the three months ended September 30, 2024, compared to $5.5 million for the same period in 2023[112] - Net loan charge-offs were $2.1 million for the three months ended September 30, 2024, compared to $3.7 million for the same period in 2023[123] - Nonaccrual loans increased to $31.9 million at September 30, 2024, compared to $22.9 million at December 31, 2023, primarily due to a $16.3 million commercial real estate relationship[140] - The allowance for credit losses (ACL) decreased to $104.3 million, or 1.36% of total portfolio loans, down from $108.0 million or 1.41% at December 31, 2023[139] Strategic Focus - The company aims to focus on deposit franchise, core profitability, asset quality, and talent engagement as strategic priorities for 2024 and beyond[110] - The bank's asset-sensitive balance sheet implies that in a rising interest rate environment, net interest income and operating income are expected to increase[158] Regulatory Capital - The leverage ratio improved to 11.70% at September 30, 2024, compared to 11.21% at December 31, 2023, exceeding the well-capitalized regulatory guideline of 5.00%[151] - The risk-based Common Equity Tier 1 ratio increased to 14.37% at September 30, 2024, compared to 13.37% at December 31, 2023, also above the well-capitalized regulatory guideline of 6.50%[151] Interest Rate Sensitivity - The rate shock analysis indicated a 2.0% increase in pretax net interest income over 1-12 months with a 400 basis point increase in interest rates as of September 30, 2024[156] - The economic value of equity (EVE) showed a decline of 32.3% with a 400 basis point increase in interest rates over the 1-12 month period[156] - The percentage change in pretax net interest income in the rates down scenarios showed a decline due to changes in the bond portfolio mix and upcoming maturities[158] Market Risk Management - The bank's market risk stress tests include sensitivity analyses and simulations to identify the impact of interest rate changes on earnings and capital[158] - The company performs a market risk stress test at least annually, which includes sensitivity analyses and simulations[158]
CHRIS MCCOMISH, CEO OF S&T BANK, NAMED 2024 C-SUITE AWARD RECIPIENT BY PITTSBURGH BUSINESS TIMES
Prnewswire· 2024-10-31 13:40
Core Insights - S&T Bank CEO Chris McComish has been awarded the 2024 Pittsburgh Business Times C-Suite award, recognizing his leadership and contributions to the bank's success [1][3][4] Company Performance - Under McComish's leadership since August 2021, S&T Bank has redefined its strategic direction, resulting in record earnings per share and net income for both 2022 and 2023 [4][5] - S&T Bancorp, Inc. is a $9.6 billion bank holding company headquartered in Indiana, Pennsylvania, with its principal subsidiary, S&T Bank, established in 1902 [4] Leadership and Community Involvement - The C-Suite award honors executives for their business acumen, leadership, and community involvement, with nominees selected from C-level executives in the Pittsburgh metro area [3] - McComish emphasized the collective efforts of the S&T Bank team in achieving their goals and the importance of community recognition [5] Recognition and Future Outlook - The award reflects the hard work of the entire S&T Bank team and the bank's commitment to a people-forward purpose [5] - S&T Bank's Board of Directors Chairman praised McComish for his inspiring leadership and dedication to community service, highlighting the bank's two record years of financial performance [5]
S&T Bancorp(STBA) - 2024 Q3 - Earnings Call Presentation
2024-10-17 18:55
Third Quarter 2024 Earnings Supplement Forward Looking Statements and Risk Factors 2 This information contains or incorporates statements that we believe are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to our financial condition, results of operations, plans, objectives, outlook for earnings, revenues, expenses, capital and liquidity levels and ratios, asset levels, asset quality, financial position and ...
S&T Bancorp(STBA) - 2024 Q3 - Earnings Call Transcript
2024-10-17 18:55
Financial Data and Key Metrics Changes - The company reported a net income of $33 million, equating to $0.85 per share, which is a slight decrease from the previous quarter [5] - Return on Tangible Common Equity (ROTCE) was 13.5%, and Return on Assets (ROA) was 1.35%, with a solid Pre-Provision Net Revenue (PPNR) of 1.69% [5][12] - Net interest income improved by $900,000 compared to the previous quarter, while the net interest margin decreased slightly to 3.82% [12] Business Line Data and Key Metrics Changes - Loans decreased by nearly $25 million, primarily due to a reduction in commercial loan balances of $76 million, with payoffs increasing by nearly 50% [7][8] - Customer deposit growth exceeded $100 million in the quarter, resulting in over 5% annualized growth, with DDA balances remaining strong at 28% of total balances [6][10] - Growth was observed in all segments of consumer loans except for construction, with a significant increase in the loan pipeline expected to carry into Q4 [8] Market Data and Key Metrics Changes - The allowance for credit losses (ACL) declined by approximately $2 million, moving from 1.38% to 1.36% of total loans, with non-performing assets remaining low at $31.9 million [9] - Criticized and classified assets decreased by almost 3% during the quarter, marking the fourth consecutive quarter of reductions [9] Company Strategy and Development Direction - The company is optimistic about growth prospects heading into 2025, supported by strong capital levels and a focus on customer deposit growth [4] - The management emphasized the importance of maintaining solid credit quality and profitability while preparing for both organic and inorganic growth opportunities [15][27] Management's Comments on Operating Environment and Future Outlook - Management noted that the current operating environment is improving, with expectations for loan growth in Q4 to be in the low to mid-single-digit range [10] - The company anticipates additional net interest margin compression of 10 to 12 basis points due to potential rate cuts, but expects to stabilize in the low-3.70% range by early 2025 [13][29] Other Important Information - Noninterest income declined by $1.4 million in Q3, primarily due to securities repositioning and a loss related to Visa Class B-1 shares [14] - Noninterest expenses increased by $1.8 million, driven by higher salaries and benefits due to increased incentive payouts [15] Q&A Session Summary Question: Update on normalized net charge-offs or provisions - Management indicated that current charge-off levels are closer to normalized levels and that provisioning may need to increase as loan growth resumes [18] Question: Clarification on net interest margin guidance - Management explained that if the Fed moves slower, stabilization of margins may take longer and could be slightly higher than the projected low-3.70% range [20] Question: Confidence in pipeline strength despite elevated payoffs - Management expressed confidence in the pipeline due to proactive customer engagement and clarity in the rate environment, which encourages investment decisions [22][23] Question: Thoughts on crossing $10 billion in assets and Durbin impact - Management acknowledged the potential $6 million to $7 million impact from Durbin but emphasized their preparedness to absorb the additional regulatory oversight [26][27] Question: Additional securities restructurings - Management is not anticipating significant additional restructurings, with any future actions likely to be smaller in scale [40] Question: Payoff activity in commercial real estate - Management clarified that the payoff activity was part of normal business operations and not solely driven by competitive pressures [41][42]
S&T Bancorp (STBA) Q3 Earnings: Taking a Look at Key Metrics Versus Estimates
ZACKS· 2024-10-17 14:36
Core Insights - S&T Bancorp reported revenue of $96.35 million for Q3 2024, a year-over-year decline of 3.2% and a surprise of -2.57% compared to the Zacks Consensus Estimate of $98.9 million [1] - The EPS for the quarter was $0.85, slightly down from $0.87 a year ago, but exceeded the consensus estimate of $0.82 by +3.66% [1] Financial Performance Metrics - Efficiency Ratio (FTE) was reported at 55.9%, higher than the average estimate of 54.8% from two analysts [2] - Net interest margin (FTE) (non-GAAP) was 3.8%, matching the average estimate of 3.8% [2] - Average interest-earning assets totaled $8.88 billion, slightly below the average estimate of $8.90 billion [2] - Net interest income (FTE) (non-GAAP) was $85.15 million, compared to the estimated $85.80 million [2] - Total Noninterest income was $11.88 million, below the average estimate of $12.95 million [2] Stock Performance - S&T Bancorp shares have returned -2.3% over the past month, contrasting with the Zacks S&P 500 composite's +3.8% change [2] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [2]